Rakuten Trade's Thong said the market’s medium-term outlook remains intact.
KUALA LUMPUR: Bursa Malaysia’s key index ended lower yesterday, in line with most regional markets, amid mixed signals from Wall Street as investors turned cautious ahead of the highly anticipated Federal Reserve (Fed) policy announcement.
The US Federal Open Market Committee or FOMC began its two-day policy meeting on Tuesday and concluded it yesterday.
At 5pm, the FBM KLCI eased 3.17 points, or 0.2%, to 1,611.00 from Tuesday’s close of 1,614.17.
The benchmark index opened 3.13 points lower at 1,611.04 and slipped to its lowest point of 1,606.11 during the morning session, before gradually recovering and reaching its intraday high of 1,612.50 in late trading.
The broader market was positive, with gainers leading decliners 515 to 472. A total of 608 counters were unchanged, 1,154 were untraded and 12 suspended.
Turnover increased to 3.86 billion units worth RM2.21bil from 2.66 billion units worth RM2.09bil on Tuesday.
Rakuten Trade Sdn Bhd vice-president of equity research Thong Pak Leng said the FBM KLCI closed mildly lower as investors continued to look for value opportunities, particularly among small-cap counters.
“The market’s medium-term outlook remains intact,” he told Bernama.
